As a business owner, protecting your livelihood means having complete insurance coverage for your company and all its assets. It is critical that you not only have a general liability policy that protects you on the most basic level, but that you also have specific coverages crafted to eliminate your business’s unique exposures. At King Forman Insurance Agency, we can help you keep the assets you’ve worked so hard to acquire.
Commercial General Liability
At the very least, all businesses should have a commercial general liability (CGL) policy in place. CGL protects you against bodily injury and property damage liability claims. Business owners face many liability exposures and CGL provides protection where you are the most vulnerable. However, all policies have limits. At King Forman Insurance Agency, we assess risk and may recommend a supplemental commercial excess liability policy if needed. Excess liability coverage protects you when the limits of your CGL have been met, ensuring that you’ll never be forced to pay out of pocket for liability claims.
Business Personal Property and Income
While CGL coverage protects you against harm caused to another person or damage caused to his or her property, what about your own property? Commercial property insurance protects your building’s structure, fixtures, signage, inventory, equipment and furniture in the event of loss due to a disaster, such as fire damage, burst pipes or vandalism. Loss of inventory and equipment generally results in business downtime, so it’s important to consider how that potential loss of income could affect your bottom line.
Business interruption insurance reimburses you for revenue lost in the event your company must close due to a loss or disaster. Remember that apartment buildings are considered commercial property, so if you own an apartment building or complex, commercial property coverage is an absolute necessity.
Errors and Omissions/Professional Liability/Malpractice
Mistakes happen. However, service providers, such as doctors, lawyers and accountants, can be held legally liable for mistakes that negatively impact their clients. All service providers should have professional liability coverage (also known as errors and omissions or malpractice insurance) to protect them in the event a client sues.
Directors and Officers
With great power comes great responsibility. For business executives, errors in judgment can have serious financial consequences for stakeholders. Those losses could result in liability claims against the directors and officers who made tough decisions. CEOs, CFOs and business executives should consider directors and officers coverage to protect themselves against such claims.
In today’s litigious atmosphere, basic commercial liability insurance is rarely sufficient. But, the insurance agents at King Forman Insurance Agency understand that financial protection is crucial for you, our valued clients. Contact us today for a full exposure assessment.